The above Count is my preferred Count for EUR/USD at the moment. I'm looking for wave c of 2 towards the 61.8% retracement target at 1.3342 from where I will be looking for a new decline in wave 3. However I would like to see resistance at 1.3342 protect the upside wave 2 can and is allowed to retrace 100% of wave 1, which would mean we have to allow for a move all the way up to 1.3710, but not 1.3711 or 1.3712 to 1.3710 and not a tick higher as that would invalidate the bearish count and I will have to go to the alternate Counts, but for now the above is my preferred Count.
The above count is my preferred count for USD/JPY and it has worked nicely till now. I think we saw red wave iii end at 103.73 and I currently looking for red wave iv, which should decline towards 95.57 and maybe even down to the 50% retracement of red wave iii at 90.43. That said at 95.57 we should see strong support and likely quite a rally higher. Not alone is support at 95.57 the 38.2% retracement, but it's also the middle of the rising channel, but after a rally higher to 99.85 we should see renewed downside pressure and a decline towards the 50% retracement target near 90.43.
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